BAGHDAD - A top official in Iraq's Ministry of Oil and other observers say three oil fields offered as a package in a June 2009 auction have not yet been awarded to the Chinese group that failed on its previous bid attempt, despite media reports a deal has been reached.
The China National Offshore Oil Corp. (CNOOC) and Sinochem International Company have been in talks with the ministry on the Abu Ghirab, Buzurgan and Fauqi (aka Fakka) oil fields. The group made two offers, in June and again in July, but its lowest offer of a $18.09 remuneration fee for each additional barrel of oil produced was well above the $2.30 per barrel Iraq was willing to pay.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.
All sources quoted or referenced spoke to Iraq Oil Report directly and exclusively, unless stated otherwise. Iraq Oil Report typically grants anonymity to sources that can't speak without risking their personal safety or job security. We only publish information from anonymous sources that we independently corroborate and are important to core elements of the story. We do not provide anonymity to sources whose purpose is to further personal or political agendas.Iraq Oil Report Commitment to Independence
Iraq Oil Report strives to provide thoroughly vetted reporting and fair-minded analysis that enables readers to understand the dynamic events of Iraq. To meet this goal, we always seek to gather first-hand information on the ground, verify facts from multiple angles, and solicit input from every stakeholder involved in a given story.
view our independence as an integral piece of our competitive advantage. Whereas many media entities in Iraq are owned or heavily influenced by political parties, Iraq Oil Report is wholly owned by several of its employees. In a landscape that is often polarized and politicized, we are able to gather and corroborate information from an unusually wide array of sources because we can speak with all of them in good faith.
fund this enterprise, Iraq Oil Report depends on revenue from both advertising and subscriptions. Some of our advertisers and subscribers ‐ including companies, governments, and NGOs ‐ are also subjects of our reporting. Consistent with journalistic best practices, Iraq Oil Report maintains a strict firewall that removes business considerations from editorial decision-making. When we are choosing which stories to report and how to write them, our readers always come first.